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Managerial Accounting
This information (in millions) is available for the Automotive and Other Operations Divisions of General Motors Corporation for a recent year. General Motors uses the LIFO inventory method.Beginning
Singer Inc. is a retailer operating in Edmonton, Alberta. Singer uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory. (Assume that
Premier Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Instructions(a) Determine the ending inventory
Equitz Limited is trying to determine the value of its ending inventory as of February 28, 2012, the company’s year-end. The following transactions occurred, and the accountant asked your help in
Savage Distribution markets CDs of the performing artist Little Sister. At the beginning of October, Savage had in beginning inventory 1,200 Sister’s CDs with a unit cost of $5. During October,
Trattner Company had a beginning inventory on January 1 of 100 units of Product SXL at a cost of $20 per unit. During the year, purchases were:Mar. 15 300 units at $23 Sept. 4 ... 290 units at
The management of Howland is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of
You have the following information for Wirth Inc. for the month ended June 30, 2012. Wirth uses the periodic method for inventory. Instructions(a) Calculate (i) Ending inventory, (ii) Cost of goods
You have the following information for Gas Saver Plus. Gas Saver Plus uses the periodic method of accounting for its inventory transactions.March 1 Beginning inventory 1,500 litres at a cost of 40¢
The following information is available for the automotive division of Ford Motor Company for 2009. The company uses the LIFO inventory method. Instructions(a) Calculate the inventory turnover
Morse Inc. is a retail company that uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory. (Assume that the inventory is not damaged.)
Dollar Saver Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Instructions(a) Determine the ending inventory
On December 1, 2012, Ruggiero Company had the account balances shown below. The following transactions occurred during December.Dec. 3 Purchased 4,000 units of inventory on account at a cost of
The notes that accompany a company’s financial statements provide informative details that would clutter the amounts and descriptions presented in the statements. Refer to the financial statements
The financial statements of The Hershey Company appear in Appendix B, following the financial statements for Tootsie Roll in Appendix A.Instructions(a) Based on the information in the financial
The January 27, 2010, issue of the Wall Street Journal contains an article by Timothy Aeppel entitled “‘Bullwhip’ Hits Firms as Growth Snaps Back.”InstructionsRead the article and answer the
The following information is from the 2009 annual report of American Greetings Corporation (all dollars in thousands). The following information comes from the notes to the company's financial
Crescent Electronics has enjoyed tremendous sales growth during the last 10 years. However, even though sales have steadily increased, the company's CEO, Anne Healy, is concerned about certain
In a discussion of dramatic increases in coffee bean prices, a Wall Street Journal article noted the following fact about Starbucks.Before this year’s bean-price hike, Starbucks added several
You are the controller of Emjay Inc. M. J. Danner, the president, recently mentioned to you that she found an error in the 2011 financial statements which she believes has corrected itself. She
Yelich Wholesale Corp. uses the LIFO cost flow method. In the current year, profit at Yelich is running unusually high. The corporate tax rate is also high this year, but it is scheduled to decline
Some of the largest business frauds ever perpetrated have involved the misstatement of inventory. Two classics were at Leslie Fay Cos, and McKesson Corporation.InstructionsThere is considerable
If your school has a subscription to the FASB Codification, prepare responses to the following.(a) The primary basis for accounting for inventories is cost. How is cost defined in the
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the accounting for inventories.
LaTour Inc. is based in France and prepares its financial statements in accordance with IFRS. In 2012, it reported cost of goods sold of €578 million and average inventory of €154 million.
Franklin Company has the following four items in its ending inventory as of December 31, 2012. The company uses the lower-of-cost-or-net realizable value approach for inventory valuation following
The financial statements of Zetar plc are presented in Appendix C. The company’s complete annual report, including the notes to its financial statements. Using the notes to the company’s
The centralized employee travel department of Ohno Company has expenses of $210,000. The department has made serviced a total of 3,000 travel reservations for the period. The north-east division has
The centralized computer technology department of Kearney Company has expenses of $170,000. The department has provided a total of 4,250 hours of service for the period. The Retail Division has used
Using the data for Ohno Company from Practice Exercise 23-2A along with the data provided below, determine the division income from operations for the Northeast and Pacificdivisions.
Using the data for Kearney Company from Practice Exercise 23-2B along with the data provided below, determine the divisional income from the operations for the Retail divisions and the Commercial
Celski Company, has income from operations of $60,000, invested assets of $250,000, and sales of $800,000. Use the DuPont formula to Compute the rate of return on investment and show (a) The profit
Roark Company has income from operations of $40,000, invested assets of $160,000, and sales of $320,000. Use the DuPont formula to compute the rate of return on investment and show (a) The profit
The Consumer Division of McPhie Company has income from operations of $75,000 and assets of $500,000. The minimum acceptable rate of return on assets is 11%. What is the residual income for the
The Commercial division of Morse Company has income from operations of $160,000 and assets of $700,000. The minimum acceptable rate of return on assets is 9%. What is the residual income for the
The materials used by the Vancouver Division of Roberts Company arc currently purchased from outside suppliers at $45 per unit. These same materials are produced by Roberts’ Tucson Division. The
The materials used by the Burlington Division of Wilson Company are currently purchased from outside suppliers a $100 per unit. These same materials are produced by the Racine Division. The Racine
For each of the following service departments select the activity base listed that is most appropriate for charging service expenses to responsible unitsService Department Activity Base(a)
In divisional income statements prepared for Brooks Construction Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll checks, and the
Harris Corporation, a manufacturing of electronics and communications systems, uses a service department charge system to charge profit centers with Computing and Communication Services (CCS) service
O’Neill Sporting Goods Co. operates two divisions-the Winter Sports Division and the Summer Sports Division. The following income and expense account were provided from the trial balance as of June
Date for Magnum Company is presented in the following table of rates of return on investment and residual incomes: Determine the missing items, identifying each item by the appropriateletter.
Data for the North, South, East and West division of Gateway Company are as follows: (a) Determine the missing item, identifying each by the letters (a) through (l). Round percents and investment
Starwood Hotels & Resorts Worldwide provides lodging services around the world. The company is separated into two major divisions. · Hotel Ownership: Hotels owned and operated by Starwood. ·
American Express Company is a major financial service company, noted for its America Express card. Below are some of the performance measures used by the company in its balanced scorecard.Average
Several years 1go, United Parcel Service (UPS) believed that the Internet was going to change the parcel delivery market and would require UPS to become a more nimble and customer focused
Materials used by the Truck Division of Goldman Motors are currently purchased from outside suppliers at a cost of $310 per unit. However, the same materials are available from the Components
Based on Goldman Motor’s data in Exercise 23-20, assume that a transfer price of $290 has been established and that 25,000 units of material are transferred, with no reduction in the Components
World-Tec Company sells electronics over the internet. The international division is organized as a cost center. The budget for the international Division for the month ended March 31, 2012, is as
The vice president of operations if Avigi IQ Company is evaluating the performance of two division organized as investment centers. Invested assets and condensed income statement data for the past
Eccles, Inc., manufacturing electronics products, with two operating divisions, the Electronics and Instruments divisions. Condensed divisional income statements, which involve no intracompany
The Eastern District Blankfine Products, Inc., is organized as a cost center. The budget for the Eastern District of Blankfine Products, Inc, for the month ended October 31, 2012, is as follows:Sales
Train-X Railroad Company organizes its three divisions, the North (N), south (S), and West (W) regions, as profit centers. The chief executive officer (CEO) evaluate divisional performance, using
The vice president of operations of Cantor bike Company is evaluating the performance of two division organized as investment centers. Invested assets and condensed income statement data for the past
Tupelo Industries Inc., is privately held diversified company with five separate divisions organized as investment centers. A condensed income statement for the Specially Products Divisions for the
Explain the meaning of (a) Differential revenue,(b) Differential cost, and (c) Differential income. Discuss.
A company could sell a building for $250,000 or lease it for $2,500 per month. What would need to be considered in determining if the lease option would be preferred?
A company accepts incremental business at a special price that exceeds the variable cost. What other issues must the company consider in deciding whether to accept the business?
A company fabricates a company at a cost of $6.00. A supplier offers to supply the same component for $5.50. Under what circumstances is it reasonable to purchase from the supplier?
Many fast-food restaurant chains, such as McDonald’s will occasionally discontinue restaurants in their system. What are some financial consideration in deciding to eliminate a store?
How does the target cost concept differ from cost-plus approaches? Discuss.
Laser Impression, Inc., manufactures color laser. Model J20 presently sells for $360 and loss a total product cost of $288, as follows:Direct material ........ $218Direct labor ......... 50Factory
Eagle Alloys Inc, has three grader of metal product, Type 5, Type 10, and Type 20 Financial data for the three grader are as follows: Eagle?s operations require all three grades to be melted in a
Variable manufacturing costs are $ 11 per unit, and fixed manufacturing costs are $55,000. Sales are estimate to be 10,000 units.(a) How much would absorption costing income from operations differ
Variable manufacturing costs are $ 105 per unit, and fixed manufacturing costs are $ 126,000. Sales are estimate to be 9,000 units.(a) How much would absorption costing income from operations differ
The following information is for Shotz Snowboards, Inc: Determine the contribution for (a) Eddie?s dream Skateboards and (b) North Region
The following information is for Filimonov Industries, Inc: Determine the contribution margin for(a) Cake hand-held video games and (b) West Region
The actual price for a product was $56 per unit, while the planned price was $50 per unit. The volume decreased by 40,000 units to 820,000 actual total units. Determine.(a) The sales quantity factor
The actual variable cost of goods sold for a product was $ 70 per unit, while the planned variable cost of goods sold was $68 per unit. The volume increased by 1,200 units to 7,000 actual total
At the end of the first year of operations, 7,500 units remained in the finished goods inventory. The unit manufacturing cost during the year were as follows:Direct material .......... $ 52.00Direct
The duller Edge Inc. assembles and sells MP3 players. The company began operations on May 1, 2012, and operated at 100 % of capacity during the first month. The following data summarize the results
Patagucci Inc. manufactures and sells athletic equipment. The company began operations on August 1, 2012, and operated at 100% of capacity (66,000 units) during the first month, creating an ending
On June 30, the end of the first year of operations, Johnson Industries, Inc., manufactured 4,500 units and sold 4,000 units. The following income statement was prepared, based on the variable
On June 30, the end of the first month of operations, Clowney Company prepared the following income statement, based on the absorption costingconcept:
Life Sound Company manufactures two models of noise-canceling headphones: Noise. Resistant and Total Silence models. The company is operating at less than full capacity. Market research indicates
The management of Mid-Atlantic Railroad Company introduced in Exercise 20-20 improved the profitability of the Boston/Philadelphia route in June by reducing the price of a railcar from $ 614 to 556.
The actual and planned data for Fly University for the Fall term 2012 were as follows: Registration, records, and marketing costs vary by the number of enrolled students, while instructional costs
Vince Hunt, president of Sabre Enterprises, applied for a $200,000 loan from First National Bank. The bank requested financial statements from Sabre Enterprises as a basis for granting the loan.
What is the role of accounting in business? Discuss.
Why are most large companies like Microsoft, PepsiCo, Caterpillar, AutoZone organized as corporations?
Murray Stoltz is the owner of Ontime Delivery Service. Recently. Murray pair interest $3,200 on a personal load of $60,000 that he used to begin the business. Should Ontime Delivery service record
On July 1, 2011, Dr. Heather Dewitt established Life Medical, a medical practice organized as a professional corporation. The following conversation occurred the following January between Dr. Dewitt
a. Land with an assumed value of $400,000 for property tax purposes is acquired by a business for $525,000. Ten years later, the plot of land has an assessed value of $700,000 and the business
Described the difference between an account receivable and an account payable.
Jan Martinelli, a junior in college, has been seeking ways to earn extra spending money. As an active sports enthusiast. Jan plays tennis regularly at the Naples Tennis Club, where her family has a
By satisfying certain specific requirements, accountants may become certified as public accountants (CPAs), management accountants) (CMAs), or internal auditors (CIAs). Find the certification
What particular item of financial or operating data appears on both the income statement and the retained earnings statement? What item appears on both balance sheet and the retained earnings
Amazon.com, an internet retailer was incorporated and began operation in the mid-90s. On the statement of cash flows, would you expect Amazon.com?s net cash flows from operating, investing, and
The now defunct Enren Corporation, once headquartered in Houston. Texas, provided produces and services for natural gas, electricity, and communications to wholesale and retail customers. Enron’s
Shannon Cook is the owner and operator of Galaxy LLC, a motivational consulting business. At the end of its accounting period, December 31, 2011, Galaxy has assets of $800,000 and liabilities of
Jan Petri is the owner and operator of you’re the One, a motivational consulting business. At the end of its accounting period, December 31, 2011 You’re the one has assets of $575,000 and
Queens Delivery Service is owned and operated by Lisa Dewar. The following selected transactions were completed by Queens Delivery Service during June1. Received cash in exchange for capital stock
Motorcross Delivery Service is owned and operated by Jim Smith. The following selected transactions were completed by Motorcross Delivery Service during February:1. Received cash in exchange for
The revenues and expenses of Dynasty Travel Service for the year ended June 30, 2012, are listed below: Fees earned $950.000 Office expense 222,000 Miscellaneous expense
The revenues and expenses or Escape Travel Service for the year ended November 30, 2012, are listed below.Fees earned $942.000 Office expense 391,625 Miscellaneous expense
Using the income statement for Dynasty Travel Service shown in Practice Exercise 1-1A, prepare a retained earnings statement for the current year ended June 30, 2012. Nancy Coleman, the owner,
Using the income statement for Escape Travel Service shown in Practice Exercise 1-4B, prepare a retained earnings statement for the current year ended November 30, 2012. Brett Daniels, the owner,
Using the income statement for Escape Travel Service shown in Practice Exercise I-1B, prepare retained earnings statement for the current year ended November 30, 2012.
The total assets and total liabilities (in millions) of Peet??s Coffee & Tea Inc, and Starbucks Corporation are shown below. Determine the stockholder??s (owner??s) equity of eachcompany.
The total assets and total liabilities (in millions) of Dollar Tree Inc. and Target Corporation are shown below. Determine the stockholders?? (owners??) equity of eachcompany.
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